Separate Annual Report 2021

55 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 32 3. Net Interest Income 2021 2020 Interest income calculated using the effective interest method Loans and advances $ 81,494,810 87,871,266 Financial investments 1,457,555 1,363,526 Cash resources 639,096 662,150 $ 83,591,461 89,896,942 Interest expense Deposits $ 23,057,675 23,393,457 Lease liability 118,942 153,392 23,176,617 23,546,849 Net interest income $ 60,414,844 66,350,093 4. Other Income 2021 2020 Fee income $ 1,618,777 1,786,015 Legal income 1,326,721 1,443,202 Rental income 19,494 48,292 Bad debt recoveries 760,654 1,172,506 Dividend income (4,403) 89,414 Loss on disposal of property and equipment - (27,641) $ 3,721,243 4,511,788 5. Expected Credit Losses Notes 2021 2020 Loans and advances 11 $ 9,301,376 6,297,676 Undrawn loan commitments 22 173,022 19,722 Financial investments 10 (305,002) (239,722) Term deposits 9 77,780 45,081 $ 9,247,176 6,122,757